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micromem technologies inc (MMTIF) Details

Micromem Technologies Inc. develops customized magnetic sensor applications based on its proprietary technology for companies in various industries in the United States and Canada. Its product portfolio comprises nanoparticle detector platform, magnetic nanoparticle interwell tracers, in line real time interwell tracer detection platform, Intellibolt automotive oil pan plug sensor suite, real time detection of wear elements in lubricating fluids, transformer partial detection and expert advice platform, power line condition monitoring, gas pipeline corrosion detection using autonomous robotics, and cement integrity sensor. The company was formerly known as Avanti Corp International Inc. and changed its name to Micromem Technologies Inc. in January 1999. Micromem Technologies Inc. was founded in 1969 and is headquartered in Toronto, Canada.

micromem technologies inc (MMTIF) Key Developments

Micromem Technologies Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended April 30, 2015

Jun 29 15

Micromem Technologies Inc. announced unaudited consolidated earnings results for the second quarter and six months ended April 30, 2015. For the quarter, the company reported loss from operations of $1,102,664 against $922,183 a year ago. Net loss before income taxes was $1,102,664 against $922,183 a year ago. Net loss and comprehensive loss was $1,102,664 against $922,183 a year ago. Basic and diluted loss per share was $0.01 against $0.01 a year ago. Net cash provided by operating activities was $220,608 against net cash used in operating activities of $733,892 a year ago. Purchase of property and equipment was $0.00 against $6,090 a year ago.
For the six months, the company reported loss from operations of $1,740,752 against $1,474,306 a year ago. Net loss before income taxes was $1,740,752 against $1,474,306 a year ago. Net loss and comprehensive loss was $1,740,752 against $1,474,306 a year ago. Basic and diluted loss per share was $0.01 against $0.01 a year ago. Net cash used in operating activities was $544,683 against $1,269,694 a year ago. Purchase of property and equipment was $0.00 against $15,546 a year ago.

Micromem Technologies Inc. Schedules to Deploy Power Line Real Time Condition Monitoring

May 11 15

Micromem Technologies Inc. through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. reported that it is now scheduling to begin deployment of Micromem's low cost real time Power Line Condition Monitoring sensor platform (PLM platform). Prototypes are scheduled for field-testing by MAST's industry partner beginning in summer 2015. Currently the plan is to install approximately 100 of the PLM's in a test area in the Northeast US. The evaluation will run approximately 3 months. The approximate sale price per unit is USD 200. The PLM platform weighs less than two pounds. It will house several MEMS sensors integrated on a patented flexible electronics form factor; this novel approach will eliminate the weight of traditional current sensing coils. The PLM platform is designed for low cost, rapid installation via several methods including UAV robotics. Once installed it will scavenge power from the catenary and create a patented self-organized mesh communication network, substantially reducing telecommunication costs. An added benefit will be the reduced carbon footprint by the utility as it does not need to send technicians in vehicles for unnecessary inspections. The product will bring a new perspective on real time visibility of the health of all power lines. Power line monitoring solutions can provide benefits for both transmission and distribution lines. Real time information will improve safety, reliability, and grid utilization. Improved identification and communication about outages will result in quicker line restoration and reduce costs of having to use work crews to find line problems, outages, or faults. The efficiencies created by this data will help utilities to re-rate their aging infrastructure and provide for improved capital investment and deployment and ultimately prolong the life of assets with increased ability to proactively prevent disturbances through improved diagnostics. Installing PLM platforms every mile would provide information on parameters such as current load, conductor temperature, line sag and line movement on any section of line where it is installed. An added benefit being designed is the wireless mesh network. It will provide self-organizing capability, redundancy and the industry's lowest communication costs. The network will provide the real time condition monitoring of the catenaries it is installed on and deliver real time, enhanced process data from other electrical grid infrastructure. In addition with the pervasive deployment of the PLM communication networks, utilities will now have a vehicle for automated net metering, the ability to reduce consumer electrical load during periods of high electrical usage, localized targeted marketing and the opportunity to generate additional revenue streams through value added client services, via the mesh network. The current deployment strategy estimates 1 sensor platform per 3 miles of distribution lines and 1 sensor suite per mile of transmission lines or up to 1 every 5 miles if there is no significant change in wind direction on that section of transmission line. These calculations may change once the evaluation is complete. The initial focus will be on distribution lines. The current available US market for power line monitoring solutions is in excess of 1,500,000 units (sensor platforms), representing 680,000 transmission line monitoring sites and 833,333 distribution line monitoring sites. By 2024, this market is anticipated to reach in excess of 1,600,000 units representing 751,143 transmission line monitoring sites and 920,518 distribution lines. MAST has received a number of expressions of interest from other utility companies wishing to evaluate the sensor platform. No assessment for penetrating markets other than the US has been contemplated, as yet.

Micromem Technologies Inc. Provides Update on LIBS Project

Apr 27 15

Micromem Technologies Inc. through its wholly owned subsidiary Micromem Applied Sensor Technologies Inc. announced the update on its Laser Induced Breakdown Spectroscopy ("LIBS"), MEMs-based Sensor Solution project. Micromem previously announced the acceptance of its LIBS prototype on November 12, 2014. Micromem has now completed the design and integration of a microfluidic cell front-end ("MCF") to patented sensor platform for detecting wear materials in lubricating fluids. The MCF is designed to be incorporated into clients' current maintenance network of wind turbines, marine vessels and construction equipment with follow on for automobiles and heavy machinery. The entire unit including the MCF will be approximately 50 cm3 or approximately the size of a deck of cards. The purpose of the MCF is to allow controlled lubricant to flow past the laser target allowing for real timeonline analysis of wear materials while the machinery is in operation. The MCF will ensure that the lubricating fluid is continuously available to the detector platform irrespective of vibration, orientation, temperature and pressure.

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